The most impactful tax legislation in over three decades has been approved by Congress and sent to the President’s desk for signature. House Resolution 1, or H.R. 1, significantly amends provisions from the Internal Revenue Code of 1986, dramatically reducing both the individual and corporate tax rates. According to the nonpartisan tax policy center, 80 percent of households will see a tax cut next year while 5 percent will pay more; while the corporate rate will drop to 21 percent, down from 35 percent. Most impactful though is the fact that these tax cuts are not paid for and the Congressional Budget office predicts it will add $1.4 trillion to the national debt over the next decade.
